As part of his 2021 Budget, Chancellor Rishi Sunak has announced that the stamp duty holiday will be extended for a further three months until the end of June. For those looking to purchase a property in the near future, this provides much-needed reassurance and an incentive to push ahead with their purchase. Here’s all you need to know about the stamp duty holiday extension and how it could affect you if you want to sell your house quick.
Stamp duty holiday extension: the details
Stamp duty land tax (SDLT) is a tax on the purchase of property or land in England and Northern Ireland.
Last year, many buyers took a financial hit because of the coronavirus pandemic and began reconsidering their options. In response, the government announced it would temporarily increase the nil-rate band (the amount at which tax becomes payable) to £500,000 until the end of March. This has now been extended to the end of June. After that, it will reduce to £250,000 until the end of September, when it returns the standard rate of £125,000.
How does this affect you?
The stamp duty holiday has boosted the property market as intended, but this has created delays in the purchase process. Through no fault of their own, many buyers have found themselves stuck, unsure whether their purchase would be completed in time to qualify for the stamp duty holiday. The extension has relieved pressure on these buyers and encouraged them to push ahead with their purchases.
For those buyers who don’t meet the initial deadline, the staggered return to the standard stamp duty rate ensures they won’t run off a cliff-edge at the end of June. Providing they complete their purchase before the end of September, they still stand to make a significant saving.
Pick My Pad can help sell your house quick
Whilst the stamp duty holiday extension has eased the pressure on buyers, a swift, hassle-free sale is still essential to ensure you make the maximum saving. Pick My Pad is a professional estate and letting agent with many high-quality, affordable properties in Walkden and Worsley and the surrounding areas and our team of experts will seamlessly help you sell your house quick. For more information, call us on 0161 790 3999 or use the details on our contact page.